Company registration number: 03446630
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their annual report and the audited financial statements for the period ended 31st December 2024.
The principal business activity of The Real Live Leisure Company Ltd in this period continued to be the operation of Oceanarium Bournemouth, a medium sized aquarium on the South Coast of England and Lakes Aquarium, a small aquarium in the English Lake District. Both have associated retail and catering offers and are in prime locations in key tourist resorts. Oceanarium Bournemouth is the larger of the two attractions in size and performance and provided 65% of the visitors. Oceanarium Bournemouth has always provided the largest portion of the visitors, income and EBITDA but in 2024 its share decreased due to decrease in its visitors and a significant increase in Lakes Aquarium performance.
The key performance indicators of the business are considered to be:
The key performance indicators of the business are considered to be:
Visitors fell in 2024 vs. 2023 due to an 11% decrease in Oceanarium Bournemouth due to a number of factors including mainly dry and warm weather in the South of England from June to September (the key trading season) and less visitors to the resort of Bournemouth as a whole thanks to national publicity regarding anti-social behaviour at the beach. 2023 was also a record year for visitors in Bournemouth achieved in wet conditions so unlikely to be maintained. However, Lakes Aquarium experienced a +7% increase in visitors vs. 2023, a record year for visitors, with the North West region experiencing a mostly wet and unsettled main season but as it’s a smaller portion of the overall company it could not offset Oceanarium’s losses.
Per capita spend (revenue divided by visitor numbers) increased +8% vs. the equivalent prior year 12-month period due to the following factors:
• Increase in ticket prices at both aquariums with ticket per cap growth in both.
• A large increase in Oceanarium Catering per cap of +26% thanks to the much sunnier and warmer weather and redecorated main cafe. Lake’s aquarium catering produced a more modest increase of +5% per cap.
• An increase in retail per cap in both aquariums of +6% in Oceanarium and +4% in Lakes Aquarium.
Per capita spend (revenue divided by visitor numbers) increased +8% vs. the equivalent prior year 12-month period due to the following factors:
• Increase in ticket prices at both aquariums with ticket per cap growth in both.
• A large increase in Oceanarium Catering per cap of +26% thanks to the much sunnier and warmer weather and redecorated main cafe. Lake’s aquarium catering produced a more modest increase of +5% per cap.
• An increase in retail per cap in both aquariums of +6% in Oceanarium and +4% in Lakes Aquarium.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Income was +2% above 23 despite the loss in visitors due to the increase in per capita spend with growth coming from Lakes Aquarium visitors income and Oceanarium catering income.
Cost of Sales percentage decreased vs. 23 by 3%. This was due to the very high level of inflation and particularly food inflation in 23 that decreased in the second half of 24 (but prices increased based on the first quarter 24 inflation).
Operating expenses increased +3% vs. 2023 due to:
• Increase in personnel due to increases in minimum and living wage in April 2024 and related increases in the rest of the salary structure to remain competitive in the market place (although Oceanarium decreased hours used due to lower visitors).
• Significant increase in electricity at both aquarium due to higher unit rates and fixed charges. Large increase in gas at Oceanarium for the same reasons (no gas at Lakes Aquarium)
Despite this Oceanarium actually ended the year with its OPEX below 2023 as it controlled its costs very well in the face of the visitor decrease. The operating cost increase is mostly due to HQ recharges and depreciation increasing.
Cost of Sales percentage decreased vs. 23 by 3%. This was due to the very high level of inflation and particularly food inflation in 23 that decreased in the second half of 24 (but prices increased based on the first quarter 24 inflation).
Operating expenses increased +3% vs. 2023 due to:
• Increase in personnel due to increases in minimum and living wage in April 2024 and related increases in the rest of the salary structure to remain competitive in the market place (although Oceanarium decreased hours used due to lower visitors).
• Significant increase in electricity at both aquarium due to higher unit rates and fixed charges. Large increase in gas at Oceanarium for the same reasons (no gas at Lakes Aquarium)
Despite this Oceanarium actually ended the year with its OPEX below 2023 as it controlled its costs very well in the face of the visitor decrease. The operating cost increase is mostly due to HQ recharges and depreciation increasing.
The total operating profit for 2024 was with 2023 despite the visitor decrease as increased per caps produced higher income, offsetting the visitor loss and the increase in OPEX. The impact of weather is acutely illustrated in 24 with the Lake District having poor weather having a positive effect on visitors and the Bournemouth area having dry and warm weather having a positive impact on catering demonstrating that the business is well balanced to deal with contrasting external factors.
Since the period reported in these statements ended, 2024 has been a very challenging year for Oceanarium Bournemouth and to some degree for Lakes Aquarium. As of end of July 24 YTD visitors were -5% vs. 24 in Oceanarium Bournemouth due to a very dry and warm main season in the south of England during key holiday trading periods and continued negative perception that the resort is less safe following another spate of anti-social behaviour in the resort in the early summer months. Visitors are also -down in Lakes Aquarium at -7% in the same period YTD as although not quite so good weather in the North of England it has still be mainly dry and warm throughout the school summer and the Lakes Aquarium had a record year in 2023 for visitors in very wet weather.
We have also experienced an increase in per capita spend vs. 24 in both aquariums thus far with per caps up +3.6% in Oceanarium Bournemouth mainly due to another large increase in catering per cap due to the increase in sunny, warm and dry weather April to July. Per caps up +8% in Lakes Aquarium YTD in the same period vs. 24 YTD position also mainly due to an increase in catering per cap due to warm weather but ticket per cap also grown with price increases online. Income is below 24 YTD due to the decrease in visitors in Oceanarium producing a -1% decrease in income; however Lakes Aquarium held a small increase in income YTD vs. 24 as at end of July due to its higher per caps.
Operating costs have increased in 25 by +1% in Oceanarium YTD due to a large increase in concession when our three year rent review increased by inflation of the past three years in July and an increase in business rates in April. Operating costs have decreased YTD in Lakes Aquarium due to recruitment challenges in the area so currently OPEX is below 24 for the company by a small amount.
EBITDA is -6% vs. 24 YTD at Oceanarium Bournemouth due to the lower visitors and higher operating expenses. However, it is +35% vs. 24 YTD at Lakes Aquarium due to the lower OPEX. The gain in profit in the Lakes Aquarium offsets almost all the loss in Oceanarium Bournemouth thus far YTD.
Since the period reported in these statements ended, 2024 has been a very challenging year for Oceanarium Bournemouth and to some degree for Lakes Aquarium. As of end of July 24 YTD visitors were -5% vs. 24 in Oceanarium Bournemouth due to a very dry and warm main season in the south of England during key holiday trading periods and continued negative perception that the resort is less safe following another spate of anti-social behaviour in the resort in the early summer months. Visitors are also -down in Lakes Aquarium at -7% in the same period YTD as although not quite so good weather in the North of England it has still be mainly dry and warm throughout the school summer and the Lakes Aquarium had a record year in 2023 for visitors in very wet weather.
We have also experienced an increase in per capita spend vs. 24 in both aquariums thus far with per caps up +3.6% in Oceanarium Bournemouth mainly due to another large increase in catering per cap due to the increase in sunny, warm and dry weather April to July. Per caps up +8% in Lakes Aquarium YTD in the same period vs. 24 YTD position also mainly due to an increase in catering per cap due to warm weather but ticket per cap also grown with price increases online. Income is below 24 YTD due to the decrease in visitors in Oceanarium producing a -1% decrease in income; however Lakes Aquarium held a small increase in income YTD vs. 24 as at end of July due to its higher per caps.
Operating costs have increased in 25 by +1% in Oceanarium YTD due to a large increase in concession when our three year rent review increased by inflation of the past three years in July and an increase in business rates in April. Operating costs have decreased YTD in Lakes Aquarium due to recruitment challenges in the area so currently OPEX is below 24 for the company by a small amount.
EBITDA is -6% vs. 24 YTD at Oceanarium Bournemouth due to the lower visitors and higher operating expenses. However, it is +35% vs. 24 YTD at Lakes Aquarium due to the lower OPEX. The gain in profit in the Lakes Aquarium offsets almost all the loss in Oceanarium Bournemouth thus far YTD.
Maintenance CAPEX projects have continued throughout 25 to improve operational efficiency, reliability and safety and welfare requirements. No significant new exhibits are currently planned but the both aquariums but investment has taken place in existing exhibits to refresh them.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company's activities expose it to a number of financial risks including credit risk and liquidity risk. The company is also exposed to the financial risks of changes in foreign currency exchange rates. The company does not have any derivative financial instruments as at 31st December 2024 (Dec 2023 - none).
The company’s principal financial assets are cash, trade and other receivables. The company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the statement of financial position are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by
international credit rating agencies. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by
international credit rating agencies. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses overdraft facilities with banks. The bank overdraft has been used by its sister company that Grant Leisure is in a CAS agreement with. However currently only the gross overdraft CAS agreement exists and the net overdraft limit has been removed as the net bank balance of the company is positive.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £546,961 (2023 - £302,114).
The directors do not recommend the payment of a dividend for the year ended 31 December 2024 (2023 -
No dividend declared).
No dividend declared).
The directors who served during the year were:
The company does not hold any complex financial instruments that are material for the assessment of the financial
statements.
statements.
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and
Directors’ Report) Regulations 2013 to set out within the company’s Strategic Report the Company’s Strategic Report
Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports)
Regulation 2008. This includes information that would have been included in the business review and details of the
principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company)
when performing their duties and do so appropriately.
Directors’ Report) Regulations 2013 to set out within the company’s Strategic Report the Company’s Strategic Report
Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports)
Regulation 2008. This includes information that would have been included in the business review and details of the
principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company)
when performing their duties and do so appropriately.
There have been no significant events affecting the Company since the year end.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE DIRECTORS' REPORT AND THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE REAL LIVE LEISURE COMPANY LIMITED
We have audited the financial statements of The Real Live Leisure Company Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE REAL LIVE LEISURE COMPANY LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE REAL LIVE LEISURE COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety. The industry specific laws and regulations which would be deemed to have a significant impact on the financial statements are the compliance with the Zoo Licencing Act and food safety standards. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
- Understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
- Challenging assumptions and judgments made by management in its significant accounting estimates; and
- Identifying and testing journal entries, in particular, any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:
- Posting of unusual journals and complex transactions.
- Misappropriation of funds through fraudulent purchase ledger and payroll activity.
- Manipulation of amounts subject to significant judgment or estimate.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE REAL LIVE LEISURE COMPANY LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 24 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Real Live Leisure Company Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The registered address is also the principal place of business.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Piolin Bidco S.A.U as at 31 December 2024 and these financial statements may be obtained from Piolin Bidco S.A.U. C/Federico Mompou 5, Parque Empresarial Las Tablas, Edificio 1, 3th Floor, 28050 Madrid, Spain .
The company has given an unlimited guarantee in respect of the overdraft of subsidiary undertakings within the Group's banking offset agreement (as detailed in note 18).
The Directors continually review government announcements and guidelines, along with the current management accounts to assess the company's ability to continue as a going concern. Finances remain strong and the company has the support of it's parent company.
Having taken that into consideration along with the expected performance over the foreseeable future, the Directors consider that the company has sufficient resources to continue to operational existence for that time.
For this reason, the Directors continue to adopt the going concern basis of accounting in preparing these annual financial statements.
The Directors continually review government announcements and guidelines, along with the current management accounts to assess the company's ability to continue as a going concern. Finances remain strong and the company has the support of it's parent company.
Having taken that into consideration along with the expected performance over the foreseeable future, the Directors consider that the company has sufficient resources to continue to operational existence for that time.
For this reason, the Directors continue to adopt the going concern basis of accounting in preparing these annual financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under construction are recorded at cost and are not depreciated until they are brought into use.
Fish stock is held as a fixed asset in the accounts at the cost on acquisition.
Fish stock is not depreciated because they are considered to have an unlimited useful life, since the fish stocks reproduce.
Fish stock is not depreciated because they are considered to have an unlimited useful life, since the fish stocks reproduce.
Stocks are stated at the lower of cost, being purchase price after many adjustments for obsolete and slow moving items and net realisable value. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of income and retained earnings.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of income and retained earnings.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
that affect the amounts reported. These estimates and judgments are continually reviewed and are based on
experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Revenue recognition - deferred income:
Revenue from the sale of annual passes is deferred and recognised over the period that the pass is valid, except when purchased in advance of this season to which it relates and within 5 months preceding the commencement of the season. In which case, revenue is deferred on the date of purchase and recognised from the commencement of the season, despite the pass being valid from the date of the purchase.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Profit and loss account
This reserve records retained earnings and accumulated losses.
This reserve records retained earnings and accumulated losses.
The company, as well as fellow subsidiary company Lakeside Mall Entertainment Centre Limited and immediate parent company Grant Leisure Group Limited, have given an unlimited cross-guarantee in respect of the pooled overdraft facility within the Group’s banking offset agreement. The pooled overdraft position at 31 December 2024 was £3,746,389 (2023 - £3,938,994). Where the company enters into financial contracts to guarantee the indebtedness of other companies within its Group, the Company considers these to be insurance agreements, and accounts for them as such. In this respect, the Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from
those of the company in independently administered funds. Contribution payable outstanding at the period end amounted to £573 (2023 - £601).
those of the company in independently administered funds. Contribution payable outstanding at the period end amounted to £573 (2023 - £601).
The company is a subsidiary undertaking of Grant Leisure Group Limited, a company incorporated in England in the
UK. The registered office address of Grant Leisure Group Limited is Blackpool Zoo, East Park Drive, Blackpool,
Lancashire, FY3 8PP. The ultimate controlling party as at the period end was Piolin II, S.a.r.l., a company registered in Luxembourg.
The smallest and largest group in which the results of the Company are consolidated is that headed by Piolin Bidco S.A.U. The consolidated financial statements of these groups are available to the public and may be obtained from Piolin Bidco S.A.U. at:
C/Federico Mompou 5
Parque Empresarial Las Tablas
Edificio 1, 3th Floor
28050 Madrid
Spain
UK. The registered office address of Grant Leisure Group Limited is Blackpool Zoo, East Park Drive, Blackpool,
Lancashire, FY3 8PP. The ultimate controlling party as at the period end was Piolin II, S.a.r.l., a company registered in Luxembourg.
The smallest and largest group in which the results of the Company are consolidated is that headed by Piolin Bidco S.A.U. The consolidated financial statements of these groups are available to the public and may be obtained from Piolin Bidco S.A.U. at:
C/Federico Mompou 5
Parque Empresarial Las Tablas
Edificio 1, 3th Floor
28050 Madrid
Spain
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